Vietnam gold prices dropped Wednesday morning despite a rise in global bullion rates.
Saigon Jewelry Company gold bar price slid 0.35% to VND170 million (US$6,458.72) per tael.
Gold ring price similarly fell to VND169.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices firmed on Wednesday as lower oil prices, following a U.S. extension of a ceasefire with Iran, eased fears of an inflation spike and prolonged high interest rates, Reuters reported.
Spot gold rose 0.9% to $4,755.11 per ounce after falling to its lowest level since April 13 on Tuesday. U.S. gold futures for June delivery gained 1.1% to $4,772.90.
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A person holds gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further peace talks, hours before it was set to expire.
Stocks gained, dollar eased and oil prices turned lower following the ceasefire extension.
“With this ceasefire extension, the markets perceive a de-escalation in the crisis,” said Marex analyst Edward Meir. “If the ceasefire ends and hostilities resume, we will see the dollar strengthen, oil and interest rates go up and that should pressure (gold) prices.”
